Please help me solve the following question with steps on how to do it. I already have the answers, I just need someone to explain in clear steps on how to do this problem.

In 2011, Baywatch Company incurred the following costs in producing its life jackets:

Direct Material Costs Direct Labor Costs Advertising Costs Overhead Costs

$55,000 60,000 5,000 45,000

Assuming that Baywatch produced 10,000 life jackets and priced them at production cost plus 40%, the selling price of the product was

The answer is $22.40